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(Trid) Planning Report for Noble Station in Abington Township

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(Trid) Planning Report for Noble Station in Abington Township TRANSIT REVITALIZATION INVESTMENT DISTRICT (TRID) PLANNING REPORT FOR NOBLE STATION IN ABINGTON TOWNSHIP FINAL REPORT – JUNE 6, 2013 FINAL REPORT SUBMITTED TO: Abington Township 1176 Old York Road Abington PA 19001 FINAL REPORT SUBMITTED BY: Econsult Solutions, Inc. 1435 Walnut Street, Suite 300 Philadelphia, PA 19102 CHPlanning 1429 Walnut Street Suite 1601 Philadelphia, PA 19102 Econsult Solutions | 1435 Walnut Street, Ste. 300 | Philadelphia, PA 19102 215-717-2777 | econsultsolutions.com TRANSIT REVITALIZATION INVESTMENT DISTRICT (TRID) PLANNING REPORT FOR NOBLE STATION IN ABINGTON TOWNSHIP ii TABLE OF CONTENTS 1.0 Overview……………………………………………… ................. 1 2.0 TRIDS in Theory and Practice...……………………… .............. 3 3.0 Past Planning Studies………………………………… ............... 8 4.0 Stakeholder Engagement………………………… ................ 15 5.0 Market Assessment……………………………………… ......... 18 6.0 Investment Phasing and Improvement Options ................ 29 7.0 Financial Analysis………………………………………… ......... 55 8.0 TRID Management and Stakeholder Participation. .......... 75 9.0 Catalyzing Developments ………………………… .............. 78 10.0 Next Steps……………………………………………… ........... 81 Appendix A – About Econsult Solutions, Inc………………. ..... A-1 Appendix B – About CHPlanning…………………… ................ A-2 Appendix C – Transit Revitalization Investment District Act of 2004………………………………………………………. ................. A-3 Appendix D – Proposed Transit Revitalization Investment Districts in Pennsylvania…………………………… ...................... A-4 Appendix E – Stakeholder Interviews Conducted………… ... A-5 Appendix F – Development and Improvement Recommendations Advanced in Past Planning Studies…………………………… ................................................... A-6 Appendix G – Current Characteristics of Parcels Located within the Proposed TRID Boundaries………… .................................... A-7 Appendix H – Composition of Increase in Assessed Value within TRID Boundaries…………………… ................................. A-11 Appendix I – Composition of Increase in Property Tax Revenues within TRID Boundaries……………………… ............................. A-15 Appendix J – Draft Form of TRID Agreement…………… ...... A-19 Econsult Solutions | 1435 Walnut Street, Ste. 300 | Philadelphia, PA 19102 | 215-717-2777 | econsultsolutions.com TRANSIT REVITALIZATION INVESTMENT DISTRICT (TRID) PLANNING REPORT FOR NOBLE STATION IN ABINGTON TOWNSHIP 1 1.0 OVERVIEW 1.1 Report Purpose Abington Township, located in Montgomery County, commissioned Econsult Solutions, Inc.1 and CHPlanning2 (collectively, the ESI team) to produce a planning report in support of a proposed Transit Revitalization Investment District (TRID) around the Southeastern Pennsylvania Transportation Authority’s (SEPTA) Noble Regional Rail Station. Made possible by the Commonwealth of Pennsylvania’s Transit Revitalization Investment District Act of 2004, TRIDs are meant to encourage collaboration between municipalities and transportation authorities to the end of advancing transit-oriented development (TOD) initiatives. The Township is interested in catalyzing a TOD project next to the Station, and in encouraging mixed-use development, infrastructure investments, streetscape improvements, and pedestrian-friendly amenities in the overall area around the Station. The Township believes that creating the Noble TRID will help advance these interests, organize stakeholders, and catalyze funding. This planning report builds from several previous reports commissioned by the Township that have focused on the characteristics, needs, and possibilities of this area. In fact, almost all of the development and improvement concepts articulated in this planning report emerge from these previous reports. The purpose of this planning report is to place those concepts within a TRID framework, and to discuss the implications of those concepts as organized in that manner in terms of phasing and financing. 1.2 Stakeholder Engagement, Past and Future The content in this planning report is inclusive of significant stakeholder feedback. However, it is important to note that the content contained in this planning report merely represents a starting point in what should be an ongoing discussion with both key stakeholders and the general public. Official TRID Planning Studies typically involve at least one large public meeting in which preliminary concepts are introduced and discussed, and they are also typically published after key stakeholders have sufficiently reviewed and approved their content. The effort that culminated in this planning report did not include a public meeting, and while stakeholder interviews were conducted the content from this planning report has not been fully vetted or accepted by those stakeholders. 1 See Appendix A for a summary of Econsult Solutions, Inc. 2 See Appendix B for a summary of CHPlanning. Econsult Solutions | 1435 Walnut Street, Ste. 300 | Philadelphia, PA 19102 | 215-717-2777 | econsultsolutions.com TRANSIT REVITALIZATION INVESTMENT DISTRICT (TRID) PLANNING REPORT FOR NOBLE STATION IN ABINGTON TOWNSHIP 2 Therefore, as noted above, this planning report should be considered a starting point for review by key stakeholders and by the general public, from whom reactions should be elicited and discussions initiated to the end of moving forward with concepts that are mutually agreeable. While stakeholders were consulted as part of this planning report effort, and while their feedback was integral to the formation of the main points contained within, it should not be construed from the publication of this planning report that any of the recommendations advanced here are mutually agreed upon by all stakeholders, and in fact it is possible and perhaps likely that additional outreach will yield changes in the way in which this effort proceeds. 1.3 Report Outline This planning report consists of nine content sections, as follows: Section 2 – Background on TRIDs, both their conceptual objectives and how they have been actually envisioned in specific communities throughout the Commonwealth. Section 3 – A summary of the past reports from which this planning report builds, with special attention to key findings that are brought into the TRID framework. Section 4 – A description of the stakeholder engagement process that went into the development of this planning report. Section 5 – An overview of past and present market assessment findings and their implications for the development and improvement recommendations that follow. Section 6 – A description of the proposed TRID boundaries and of the phasing of developments and improvements suggested for the TRID. Section 7 – A financial analysis of how much the TRID will generate from incremental tax revenues from new developments to fund proposed improvements, and how much more the relevant taxing jurisdictions will generate in tax revenues over time. Section 8 – A description of the proposed management structure for the TRID. Section 9 – Guidance on what is needed to actually catalyze the developments that are being proposed for the TRID. Section 10 – A review of the next steps that the Township should take to implement the TRID. Econsult Solutions | 1435 Walnut Street, Ste. 300 | Philadelphia, PA 19102 | 215-717-2777 | econsultsolutions.com TRANSIT REVITALIZATION INVESTMENT DISTRICT (TRID) PLANNING REPORT FOR NOBLE STATION IN ABINGTON TOWNSHIP 3 2.0 TRIDS IN THEORY AND PRACTICE 2.1 Overview The purpose of this section is to provide an overview of TRIDs, what they are intended to accomplish, and how they have been actually envisioned in communities throughout the Commonwealth. It is important to provide this context so that the spirit of TRIDs is understood, since those concepts serve to guide how the Noble TRID should be conceived and implemented. 2.2 Transit Revitalization Investment District Act of 2004 The Transit Revitalization Investment District Act of 2004 is meant to encourage collaboration between municipalities and transportation authorities to the end of advancing TOD principles and initiatives. With participation from the Delaware Valley Regional Planning Commission (DVRPC) in its creation, the Act was passed by a 194-1 vote in the Pennsylvania House of Representatives and a 47-0 vote in the Pennsylvania Senate.3 This enabling legislation provides unprecedented flexibility and funding in support of joint TOD efforts by municipalities and transit authorities, and requires extensive engagement with the affected neighborhoods and stakeholders. TRIDs enable municipal governments and transit authorities to more closely coordinate transportation infrastructure, land use, and private development in the following ways: Providing incentives for transit-oriented development Establishing mechanisms to capture the value added by development around transit stops Encouraging community involvement in the location, design, and implementation of development activities Receiving priority for grants and technical assistance through the state’s Department of Community and Economic Development (DCED) Essentially, the TRID Act represents the Commonwealth’s position on TODs. It represents its approval of TODs at the local level, affirms the importance of cooperation between municipalities and transit authorities to make TODs happen, honors the role of 3 See Appendix C for a copy of the Transit Revitalization Investment District Act of 2004. Econsult Solutions | 1435 Walnut Street, Ste. 300 | Philadelphia, PA 19102 | 215-717-2777 | econsultsolutions.com TRANSIT REVITALIZATION
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